Gold Canyon Resources (GCU-V) has resumed trading on the Vancouver Stock Exchange, having cleared up the confusion over assay results from its Springpole gold project in northwestern Ontario.
Trading was halted when it was learned that incorrect laboratory results from TSL Laboratories had been reported to the company through its joint-venture partner, Santa Fe Canadian Mining. Since resuming trading on Aug. 19, the share price of Gold Canyon has returned to its normal trading range, with the price, at presstime, being $6.60 per share.
The latest results are from two drill holes testing the on-land extension of the Portage zone. Hole BL-208 intersected scattered gold zones, as well as significant widths of alteration. The most significant intersection was at a depth of 2,051 ft., cutting 3 ft. of 0.115 oz. per ton.
Hole BL-209 intersected gold mineralization at a vertical depth of 1,250 ft., suggesting the Portage zone extends on to land. The best results from this hole include: 21 ft. of 0.051 oz. per ton (incl. 2.52 ft. of 0.125 oz.); 10 ft. of 1.313 oz. (incl. 2.8 ft. of 4.500 oz.); 1.4 ft. of 0.101 oz.; and 1.3 ft. of 0.141 oz.
Meanwhile, the company will continue drilling 1.5 km east of hole BL-209, where it is testing alkalic porphyries and breccias on the Johnson Island trend.
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